Joint venture partners Bruntwood and Select Property Group have secured planning approval for first phase of the £750m Oxford Road mixed-use development in Manchester, UK, which indicates that construction works for the project is soon to start.
The developers will now be initiating a £55m Phase 1A of Circle Square project, which will be built on a former BBC site in Manchester city centre.
The entire £750m project has been planned to offer 2.3 million ft² of area. To be developed in five phases, it will feature spaces for office and retail along with serviced apartments and private residential accommodation. It will also include communal spaces which will be open to public following construction.
Phase 1A will involve development of two serviced apartment buildings along with surrounding areas of public realm space including riverside walkways along the River Medlock.
The apartment buildings, which will be delivered to and managed by Select's Vita student brand, will feature 600 luxury serviced apartments for single and multiple occupancy including 22 stylish duplex penthouses having external terraces.
In order to make both the properties inviting for the postgraduate and mature students, Vita has also planned to include communal hub spaces, with media rooms, large private gym, private dining areas, lounges, extensive social areas and private study areas.
Select Property Group CEO Mark Stott said: "We are looking forward to expanding our award-winning Vita Student offering to a second Manchester site, which will be ready for the September 2017 academic year.
"Securing approval for the first phase is a significant part of our vision to create a new neighbourhood for the city, which will be complemented by future phases featuring extensive green areas as well as commercial, residential and retail buildings that are to be considered by planners."
Bruntwood CEO Chris Oglesby said: "Bruntwood and Select Property Group share a long-term commitment and desire to create an exceptional and extraordinary new community at Circle Square.
"Traditionally, creating such a significant new district would take a decade to deliver.
"By working collaboratively and in cooperation, we have already been able to dramatically reduce this timeline, such that, a new community of c. 1.42m sq. ft. of floorspace will be delivered in the next three and a half years.
"Circle Square offers an unmatched location, state-of-the-art facilities and superb outdoor spaces for the unique and diverse variety of people who will be living and working there."
The second phase of the Oxford Road project, phase 1b, is presently subject to Public Application.
Image: The apartment buildings will be delivered to and managed by Select's Vita student brand. Photo: courtesy of Bruntwood.